MUSCAT, Dec 12
eMushrif, an Oman-based IoT startup, and a Phaze Venture’s portfolio company, announced late last week its $2.3 million Series-A funding round, led by IDO Investments. The investment round also saw participation from Phaze Ventures, otf Jasoor Ventures, Dtec Ventures, and other angel investors.
Founded in 2016 by Adnan al Shuaili, Awadh al Shukaili, and Issa al Shuaili, eMushrif develops IoT and software for school and commuter buses, as well as COVID-19 tracking devices for quarantine compliance, and attendance tracking systems. The company currently operates in Oman and Kuwait and has completed three acquisition deals to expand the team and explore other markets.
The newly raised funds will support their expansion to other markets and verticals across the region. The company plans to invest in strengthening product development introducing new cutting-edge technologies and scale mass production and supply chain for the IoT devices developed by the R&D team.
Abdullah al Shaksy, Co-founder & CEO at Phaze Ventures, and Board Member at eMushrif, said, “We are extremely proud of the major milestone for the team at eMushrif, and the incredible work they have done to get here. We are seeing IoT transform the world around us at an increasingly rapid pace, and we believe eMushrif will have a major role to play in this space with huge growth potential in Oman and across the globe.”
Commenting on the occasion, Mazin al Naamani, Portfolio Impact Lead at IDO Investments said, “At IDO Investments, we are committed to supporting growth stage, innovative startups in Oman that have the capability and scalable potential to expand beyond Oman’s borders by offering capital and a platform to expand globally. These startups typically have a product or service that is unique not only to Oman but to the world.
“eMushrif is a great example, and in many ways embodies the spirit of future-facing Omani startups of global potential. The company is exceeding all expectations and we are pleased to join hands in pursuing the company’s mission.”
Adnan al Shuaili, Co-Founder and CEO at eMushrif concluded, “We’re excited to receive such tremendous support from our investors, who are aligned with our vision for expansion. With our current fundraise, we can continue to revolutionising commuting and attendance services, as well as ensure the safety of the community by implementing COVID-19 quarantine compliance.”